Yes not every double bottom and top is fake. This is true. That depends on the context behind it. @chesterjohn I will post some examples here later.
Yes I know what you mean regarding cross overs of sessions ect
Could you elaborate?
I thought you was the expert not really, just saying don’t you supposedly look for the patterns between Asian/ London opening sessions
Only London and Ny.
Ok , as you know there so many strategies,theories,choices ect, it can maybe complicate things, like your discussion with guy on the other thread regards his TA if your both profitable traders your both "in the right "
If he said he is, then you are correct.
Ideally, yes, absolutely. But you won’t know it’s a double bottom or top until after it forms, then if you’re in already you’re laughing.
As I said previously, I don’t really look for them, but I do pay attention to SR levels on higher TF’s, and a double bottom is S, while a double top is R.
I also agree that it depends largely on the context, or price behaviour behind it.
When entered before it forms, it is entered cause of liquidity being grabbed. Many times it will then go for that double top/bottom pattern. Depening on the context it could give that break and trade well.
So how do you determine liquidity, using volume?
I got this from ICT on Youtube. He as the source has the best examples, but simply said liquidity is defined by stops placed in the market. These stops are limit orders placed by institutions and other large players in the market. Retail traders also do this, but are too small to act as an objective. Does it make sense to you?
When these stops are taken out, price can reverse or retrace in the larger spectrum. This is where double tops and bottoms can be formed. Whether this complete double bottom/top will play out as is explained in Babypips depends on the higher timeframe narrative.
It’s going to be one of them threads what goes off different tangent s
Makes sense in theory, but because we as retail traders can’t see these areas, it’s not very practical.
We have been searching for these areas for decades with strategies using SD, SR, volume, etc, but with little consistency.
If we ever cracked this code then trading as we know it would disappear.
Yes we can not identify that complete program, but there are certain times when we can. Just executing based on that is how to start.
I understand your concern about if the code would be cracked. Trading is against human nature and sheep behaviour is rooted in our nature and society. It is impossible for this to be cracked by everyone. And even the ones who cracked the code, only cracked a small percentage of it. If you crack the complete code…then someone will most likely bring you a visit. This is why ICT is not allowed to teach everything he knows. This is my understanding, hence I do not have that fear.
Killing me with this comment
Wrong perspective. Change your mindset or it will take you more years to become profitable
So you saying that its better to trade stocks instead of forex?
Forex is all about trading strategy and discipline. Good Strategy always works in the forex market. I’d suggest you backtest your strategy several times on different chart times and make amendments to the strategy till you achieve an edge.
I do same, daily and 4H, especially the daily has given me insights on my short term trades.